DiaMedica Therapeutics to sell 8.606M shares at $3.50 in private placement

DiaMedica Therapeutics (DMAC) announced definitive agreements for a $30.1M private placement of common shares led by current investors. No placement agent was engaged for this transaction. Pursuant to the terms of the securities purchase agreements, the company will issue a total of 8,606,426 common shares at a purchase price of $3.50 per share. The private placement is expected to close on or about July 23, subject to the satisfaction of customary closing conditions. The capital raised is expected to fund the company’s operations for more than two years and support upcoming milestones including the submission of an investigational new drug application in the United States for preeclampsia and fetal growth restriction and a Phase 2b study to further evaluate DM199 in both indications, pending IND approval.